Lesson Two
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Lesson Two
Your Budget statements will only be truly accurate if you track and record all income and expenses properly. This is made a whole lot easier through the advancements of Online banking! Using the statements from your dedicated business account, you can track every payment you have made, and income received within a month. This is a great place to start in putting together your budgets.
But keeping track of what has been paid and received will fall on your hands, so you need to be active each month in managing your money.
We have put together some templates and spreadsheets for you, so you have the foundation you need to start taking control!
This needs to be one of the first things you create when offering out your product or services. It needs to be both informative and professional, a necessity to ensure you services and products are paid for and on time!
Every single piece of work you provide and charge for needs to have an invoice created and provided to the customer. You will also need to do regular follow ups on invoices sent out to ensure you payments are coming in.
It can be uncomfortable doing this but remember, this income is the lively hood of your Side Hustle.
See our template invoice that you can download, we have left the fields empty so that you can add your own details as needed. Or create your own copy to match this one!
Or check out the amazing options available at Ikhokha for FREE invoicing and other payment capabilities for your side hustle!!!
You need to have a lot of discipline to maintain your Side Hustle’s finances. However, this is made a lot easier by utilising the simple templates we have made accessible for download and for FREE. Below are two templates to use in setting up your financial statements and Side Hustle budgets. If you can set up and maintain these spreadsheets you will have a huge amount of comfort and confidence in your Side Hustle growth and success.
Accounts for the Income and Expenses of your Side Hustle as well as incorporating the Cash Flow calculations within the same monthly template. Provides an overview of the Income Statement based on these monthly calculations all in one Master Template. We have included examples one each page so you know what should be included!
A single template to track all of the outstanding payments from clients as well as the long/short term credit due to be paid by your Side Hustle. We have included examples one each page so you know what should be included!
These Excel tools have been set up for a full calendar year with template allocations for your basic Side Hustle needs. Download them and make changes where you need for each year. You control your financial understanding and need to be comfortable with the ways in which you manage your money.
Select the below to download the Excel templates!
What document should you be sending to every customer when they place an order?
